Iran, Azerbaijan, and Russia are going to invest in the construction of the Rasht-Astara Railroad project jointly which is part of the highly strategic International North-South Transport Corridor (INSTC).
In line with the active diplomacy of the Iranian government in boosting relations with neighboring countries, Iran is determined to expand transit trade with China and Russia, Deputy Minister of Roads and Urban Development Shahriar Afandizadeh said on Sunday.
According to him, Iran is situated at the crossroads of Central Asia, South Asia, and West Asia.
Russia, Iran, and India are considered as founders of the North-South corridor, but there wasn’t much progress in the transit of goods through this corridor in the past years, the official said.
He further noted that in an upcoming meeting in Azerbaijan, the process of investment in the construction of Rasht-Astara Railroad project will be discussed.
A delegation from the Russian Federation travelled to Iran last week to discuss ways to participate in Rasht-Astara railway.
Speaking during a meeting with the Russian delegation, Deputy Iranian Minister of Road and Urban Development Kheirollah Khademi said that if Russia provides the required resources, the railway will be completed within three to four years.
Iran began the construction project of Rasht-Astara railway in northern country early in August.
Speaking to reporters, Astara Governor Enayat Rezaeipour said that some 10,000 billion rials is estimated to be needed for the completion of the project.